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Canada's economy grows robustly
Canada's economy experienced strong growth in April, with real GDP increasing by 0.5%, surpassing the forecast of 0.4%. This growth was driven by broad performance across 14 out of 20 sectors, including a manufacturing sector that grew by 1.2% and the mining and energy sector, which recorded its highest growth rate since February 2024 at 2.9%. The finance, real estate, construction, transportation, and services sectors also made significant contributions. Moreover, the economy grew by 0.1% in May, reinforcing expectations of an annual growth rate approaching 2.5% in the second quarter, outperforming Bank of Canada's projections.
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